[2][3] Franklin had an older brother, George Archer Osgood (1820–1882) who was a yachtsman, which he later went into business with.

[5][6] In 1856, Osgood became a director of the Silver Hill Mining Company in North Carolina.

[7] After the American Civil War Osgood purchased controlling interest the mining company of North Carolina, which yielded rich returns.

In 1865, he purchased the yacht Widgeon, built by James R. & George Steers, that won several races.

Magic defeated sixteen other defenders and the first challenger Cambria, representing the Royal Thames Yacht Club of London.

[1][11][12][13][14] Osgood sold the Magic to New York actor Lester Wallack, for $16,500 on October 11, 1870.

He sailed the Columbia in the second America's Cup race in 1871 against British challenger yacht Livonia.

[18][19] Osgood remained with the New York Yacht Club where he completed three terms of service as Rear-Commodore.

[1] He was a member of the first America's Cup Committee of the N.Y.Y.C, which was formed in 1869 and consisted of George L. Schuyler, Moses H. Grinnell, and Osgood.